10-Q

                      UNITED STATES
	    SECURITIES AND EXCHANGE COMMISSION
	         Washington, D.C. 20549

	                FORM 10-Q

(Mark One)
  X   QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For quarterly period ended: March 31, 2015

      TRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from           to
                              ___________  ____________
Commission File Number:             0-6658

               SCIENTIFIC INDUSTRIES, INC.
_______________________________________________________
(Exact name of registrant as specified in its charter)

       Delaware         		    04-2217279
____________________________    _________________________________
(State or other jurisdiction	(IRS Employer Identification No.)
 of incorporation or
 organization)

80 Orville Drive, Suite 102, Bohemia, New York     11716
______________________________________________   __________
(Address of principal executive offices)	 (Zip Code)

                    (631)567-4700
____________________________________________________
(Registrant's telephone number, including area code)

                    Not Applicable
_____________________________________________________________________
(Former name, former address and former fiscal year, if changed since
last report)

Indicate by check whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange
Act during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject
to such filing requirements for the past 90 days.   Yes   X   No      .

Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, or a smaller
reporting company.  See the definitions of "large accelerated filer,"
"accelerated filer" and (smaller reporting company) in Rule 12b-2 of the
Exchange Act.

Large accelerated filer_______ 		Accelerated Filer________

Non-accelerated filer_________   	Smaller reporting company   X
(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as
defined in Rule 12b-2 of the Exchange Act).
                                                          Yes    X No

The number of shares outstanding of the issuer's common stock par value,
$0.05 per share, as of May 1, 2015 was 1,479,112 shares.






                                 TABLE OF CONTENTS



PART I  - FINANCIAL INFORMATION


ITEM 1	CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED):


							Page
                                                        ____

Condensed Consolidated Balance Sheets	     	         1

Condensed Consolidated Statements of Operations		 2

Condensed Consolidated Statements of Comprehensive
Income (Loss)						 3

Condensed Consolidated Statements of Cash Flows		 4

Notes to Condensed Consolidated Financial Statements	 5

ITEM 2	MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF
        OPERATIONS	                                14

ITEM 4	CONTROLS AND PROCEDURES				17

PART II - OTHER INFORMATION

ITEM 6	EXHIBITS AND REPORTS ON FORM 8-K	        18

SIGNATURE 						19

EXHIBITS						20











PART I-FINANCIAL INFORMATION
Item 1.  Financial Statements

       SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES
         CONDENSED CONSOLIDATED BALANCE SHEETS

                         ASSETS
                                         March 31,    June 30,
                                            2015        2014
Current assets:		(Unaudited)	 __________   __________
  Cash and cash equivalents		 $  354,300   $  493,700
  Investment securities			    286,000	 415,400
  Trade accounts receivable, net	    829,600	 756,700
  Inventories				  2,621,300    2,309,200
  Prepaid expenses and other current assets 111,200	 123,100
  Deferred taxes			    100,700	  86,000
                                         __________   __________
               Total current assets	  4,303,100    4,184,100

Property and equipment, net		    244,500	 252,100

Intangible assets, net  		  1,537,200    1,795,900

Goodwill				    705,300	 705,300

Other assets            		     52,400	  28,200

Deferred taxes				    169,100	 146,200
                                         __________   __________
                Total assets             $7,011,600   $7,111,800
                                         ==========   ==========

	LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
  Accounts payable			 $  325,100   $  373,700
  Customer advances			    324,900	  89,500
  Bank line of credit			    100,000	    -
  Notes payable, current portion	       -	  26,700
  Accrued expenses and taxes		    429,300	 442,800
  Contingent consideration, current portion 136,100	 109,000
                                         __________  ___________
 	       Total current liabilities  1,315,400    1,041,700

Contingent consideration, less
  current portion		            265,000	 391,000
                                         __________  ___________
                Total liabilities	  1,580,400    1,432,700
                                         __________  ___________
Shareholders' equity:
  Common stock, $.05 par value; authorized
   7,000,000 shares; 1,498,914 and 1,488,914
   issued and outstanding at March 31, 2015
   and June 30, 2014		             74,900	  74,400
  Additional paid-in capital              2,454,200    2,420,700
  Accumulated other comprehensive
   gain (loss)                           (      500)	   1,100
  Retained earnings                       2,955,000    3,235,300
                                         ___________  __________
                                           5,483,600   5,731,500

  Less common stock held in treasury, at cost,
   19,802 shares                              52,400	  52,400
               Total shareholders' equity  5,431,200   5,679,100
                                         ___________  __________
               Total liabilities and
                shareholders' equity      $7,011,600  $7,111,800
                                         ===========  ==========



See notes to unaudited condensed consolidated financial statements




                                1




SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

                         For the Three Month	For the Nine Month
                         Periods Ended          Periods Ended
                         March 31,              March 31,
                         __________  __________ __________  __________
                             2015      2014         2015       2014
                         __________  __________ __________  __________
Revenues                 $1,729,200  $1,786,300 $5,082,400  $4,970,200
Cost of sales		    961,900   1,088,900  3,125,800   2,860,500
                         __________  __________ __________  __________
Gross profit                767,300     697,400  1,956,600   2,109,700
                         __________  __________ __________  __________
Operating expenses:
 General & administrative   433,900     461,800  1,286,500   1,108,100
 Selling                    202,200     198,000    726,900     602,800
 Research & development      94,500     113,800    317,700     301,900
                         __________  __________  _________  __________
  Total operating
  expenses  		    730,600     773,600  2,331,100   2,012,800
                         __________  __________  _________  __________
Income (loss) from
 operations   		     36,700  (   76,200) ( 374,500)     96,900
                         __________  __________  _________  __________
Other income (expense):
 Investment income	      1,100       1,000     10,700      19,500
 Other			 (    4,600) (    3,700) (   5,700)  (	 7,700)
 Interest expense	 (    1,600) (      900) (   4,300)  (   2,400)
                         __________  __________  _________  __________
  Total other income,
  (expense) net		 (    5,100) (    3,600)       700       9,400
                         __________  __________  _________  __________
Income (loss) before
 income taxes (benefit)      31,600  (   79,800) ( 373,800)    106,300
                         __________  __________  _________  __________

Income tax expense (benefit):
  Current		     34,800  (    1,400) (  56,200)     40,200
  Deferred		 (   22,200) (   18,700) (  37,300) (   11,400)
                         __________  __________  _________  __________
Total income (loss) tax
  expense (benefit)	     12,600  (   20,100) (  93,500)     28,800
                         __________  __________  _________  __________
Net income (loss)         $  19,000 ($   59,700)($ 280,300) $   77,500
                         ==========  ==========  =========  ==========

Basic earnings (loss) per common
 share	                   $  .01      ($  .04)	   ($  .19)    $  .06

Diluted earnings (loss) per common
 share  		   $  .01      ($  .04)	   ($  .19)    $  .06

Cash dividends declared
 per common share	   $  -  	$   -	    $  -       $  .08

  See notes to unaudited condensed consolidated financial statements



                                     2




         SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)(UNAUDITED)




		                For the Three Month  For the Nine Month
                                Periods Ended        Periods Ended
                                March 31,            March 31,
                                ___________________  _____________________
                                   2015      2014         2015       2014
                                ___________________  _____________________
Net income (loss)		$ 19,000 ($ 59,700)  ($ 280,300) $  77,500

Other comprehensive income (loss):
  Unrealized holding gain (loss)
  arising during period,
  net of tax			   2,900    10,100   (    1,600)     7,500
                                ________ _________   __________  _________

Comprehensive income (loss)     $ 21,900 ($ 49,600)  ($ 281,900) $  85,000
                                ======== =========   ==========  =========





    See notes to unaudited condensed consolidated financial statements



                                      3






           SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES
   CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

                                      For the Nine Month Periods Ended
                                         March 31, 2015 March 31, 2014
                                         ______________ ______________
Operating activities:
  Net income (loss)			    ($ 280,300)	$   77,500
                                            ___________ __________
  Adjustments to reconcile net income
   to net cash used in operating activities:
      Loss on sale of investments                4,400      17,300
      Depreciation and amortization	       327,200     154,000
      Deferred income tax (benefit)	    (   37,300)	(   11,400)
      Stock-based compensation			10,200	    14,900
      Income tax benefit of stock options
       exercised                                 4,900	      -
      Changes in operating assets and liabilities,
       net of effect of acquisition:
         Accounts receivable		    (   72,900)	(  319,400)
         Inventories			    (  312,100)	(  399,700)
         Prepaid expenses and other current
          assets                                11,900	(   66,900)
         Accounts payable                   (   48,600)	    77,900
         Customer advances		       235,400	   256,000
         Accrued expenses and taxes	    (   13,500)	    19,900
         Other assets	          	    (   24,200)	      -
                                            ___________ __________
      Total adjustments	        	        85,400	(  257,400)
                                            ___________ __________
      Net cash used in operating activities (  194,900)	(  179,900)
                                            ___________ __________
Investing activities:
  Cash paid for asset acquisition 		  - 	(  700,000)
  Redemption of investment securities,
    available-for-sale			       127,000	   450,900
  Purchase of investment securities,
    available-for-sale			    (    3,800)	(   25,000)
  Capital expenditures			    (   56,500)	(   47,100)
  Purchase of other intangible assets	    (    4,400)	(    2,900)
                                            ___________ __________
       Net cash provided by (used in) investing
       activities				62,300	(  324,100)
                                            ___________ __________
Financing activities:
 Line of credit proceeds		       250,000	   150,000
 Line of credit repayments		    (  150,000)	(   70,000)
 Payments of contingent consideration	    (   98,900)	(    1,100)
 Proceeds from exercise of stock options	18,800       6,700
 Cash dividend declared and paid		  - 	(  107,400)
 Principal payments on note payable	    (   26,700)	(   58,500)
                                            ___________ __________
       Net cash used in financing activities(    6,800)	(   80,300)
                                            ___________ __________
Net decrease in cash and cash equivalents   (  139,400)	(  584,300)
Cash and cash equivalents, beginning of year   493,700     927,300
                                            ___________ __________
Cash and cash equivalents, end of period    $  354,300  $  343,000
                                            =========== ==========
Supplemental disclosures:
Cash paid during the period for:
 Income taxes				    $    3,500  $  152,100
 Interest					 4,300	     2,400

See Note 2 for non-cash investing and financing activities in
connection with an asset acquisition.

See notes to unaudited condensed consolidated financial statements

                         4



    SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


General:  The accompanying unaudited interim condensed consolidated
financial statements are prepared pursuant to the Securities
and Exchange Commission's rules and regulations for reporting
on Form 10-Q. Accordingly, certain information and footnotes
required by accounting principles generally accepted in the
United States for complete financial statements are not
included herein. The Company believes all adjustments
necessary for a fair presentation of these interim statements
have been included and that they are of a normal and
recurring nature.  These interim statements should be read in
conjunction with the Company's financial statements and notes
thereto, included in its Annual Report on Form 10-K, for the
fiscal year ended June 30, 2014.  The results for the three
and nine months ended March 31, 2015, are not necessarily an
indication of the results for the full fiscal year ending
June 30, 2015.

1.	Summary of significant accounting policies:

	Principles of consolidation:

The accompanying consolidated financial statements include the
accounts of Scientific Industries, Inc. ("Scientific", a Delaware
corporation), Altamira Instruments, Inc.("Altamira", a wholly-owned
subsidiary and Delaware corporation), Scientific Packaging Industries,
Inc. (an inactive wholly-owned subsidiary and New York corporation)
and Scientific Bioprocessing, Inc. ("SBI", a wholly-owned subsidiary
and Delaware corporation).  All are collectively referred to as the
"Company".  All material intercompany balances and transactions have
been eliminated.

2.	New Accounting Pronouncements:


In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with
Customers amending revenue recognition requirements for multiple-
deliverable revenue arrangements. This update provides guidance on
how revenue is recognized to depict the transfer of promised goods
or services to customers in an amount that reflects the consideration
to which the entity expects to be entitled in exchange for the goods
or services. This determination is made in five steps: (i) identify
the contract with the customer; (ii) identify the performance
obligations in the contract; (iii) determine the transaction price;
(iv) allocate the transaction price to the performance obligations
in the contract; and (v) recognize revenue when (or as) the entity
satisfies a performance obligation. In April 2015 the FASB proposed
a one-year deferral of the effective date of the new revenue
recognition standard. If finalized as proposed, the new guidance
will be effective for the Company's fourth quarter of fiscal 2018
and early adoption is permitted.

The Company is currently evaluating the impact this guidance may
have on its financial condition and results of operations.

In June 2014, the FASB issued ASU 2014-12,
Compensation - Stock Compensation (Topic 718): Accounting for
Share-Based Payments When the Terms of an Award Provide that a
Performance Target Could be Achieved After the Requisite Service
Period. This update affects reporting entities that grant their

                            5





employee's targets that affects vesting could be achieved after
the requisite service period. The new standard requires that
a performance target that affects vesting and that could be
achieved after the requisite services period be treated as a
performance condition. The new standard will be effective for
the Company beginning July 1, 2015, and early adoption is
permitted. The Company expects the adoption will not have a
material impact on its financial condition, results of
operations or cash flows.

3.       Acquisition:


On February 26, 2014, the Company acquired substantially all
the assets of a  privately owned company consisting principally
of inventory, fixed assets, and intangible assets related to
the production and sale of a variety of laboratory and pharmacy
balances and scales. The acquisition was pursuant to an asset
purchase agreement whereby the Company paid the sellers $700,000
in cash, 126,449 shares of Common Stock valued at $427,500 and
agreed to make additional cash payment based on a percentage of
net sales of the business acquired equal to 8% for the period
ending June 30, 2014 annualized, amounting to $98,900, 9% for
the year ending June 30, 2015, 10% for the year ending June
30, 2016 and 11% for the year ending June 30, 2017, estimated
at a present value of $460,000 on the date of acquisition.
Payments related to this contingent consideration for each
period are due in September following the fiscal year.

The products, which are similar to the Company's other
Benchtop Laboratory Equipment, and in many cases used by
the same customers, are marketed under the Torbal(R) brand.
The principal customers are pharmacies, pharmacy schools,
universities, government laboratories, and industries
utilizing precision scales. The products are sold primarily
on a direct basis, including through the Company's
e-commerce site.

The Company allocated the purchase price based on its valuation
of the assets acquired, as follows:

Current assets               $  144,000
Property and equipment  	118,100
Goodwill*   	                115,400
Other intangible assets       1,210,000
                             __________
Total Purchase Price         $1,587,500
                             ==========

*See Note 8, "Goodwill and Other Intangible Assets".
Of the $1,210,000 of the acquired other intangible assets,
$570,000 was assigned to technology and websites with a
useful life of 5 years, $120,000 was assigned to customer
relationships with an estimated useful life of 9 years,
$140,000 was assigned to the trade name with an estimated
useful life of 6 years, $110,000 was assigned to the In
Process Research and Development ("IPR&D") with an estimated
useful life of 3 years, and $270,000 was assigned to non-
compete agreements with an estimated useful life of 5 years.

In connection with the acquisition, the Company entered into
a three-year employment agreement with the previous Chief
Operating Officer of the acquired business as President of
the Company's new Torbal Division and Director of Marketing
for the Company. The agreement may be extended by mutual
consent for an additional two years.

                            6




Pro forma results

The unaudited pro forma condensed consolidated financial
information in the table below summarizes the consolidated
results of operations of the Company including its new Torbal
Division, on a pro forma basis, as though the companies had
been consolidated as of the beginning of the fiscal year
ended June 30, 2014. The unaudited pro forma condensed financial
information presented below is for informational purposes only
and is not intended to represent or be indicative of the
consolidated results of the operations that would have been
achieved if the acquisition had been completed as of the
commencement of the fiscal year presented. In addition,
the Company was unable to obtain audited historical information
and, therefore the information presented is based on
management's best judgment.

		  For the Three Month	For the Nine Month
		  Period Ended		Period Ended
		  March 31, 2014 	March 31, 2014
                  ___________________   __________________

   Net Revenues		 $1,969,300	 $5,703,200

   Net Loss		($   82,300)	($  13,800)

   Net income (loss) per share
	- basic		  ($  .06)	  ($  .01)

    Net Income (loss) per share
	- diluted	  ($  .06)	  ($  .01)


4.    Segment Information and Concentrations:


The Company views its operations as three segments:  the
manufacture and marketing of standard benchtop laboratory
equipment for research in university, hospital and industrial
laboratories sold primarily through laboratory equipment
distributors ("Benchtop Laboratory Equipment"), the manufacture
and marketing of custom-made catalyst research instruments for
universities, government laboratories, and chemical and
petrochemical companies sold on a direct basis ("Catalyst
Research Instruments") and the marketing and production of
bioprocessing systems for laboratory research in the
biotechnology industry sold directly to customers and through
distributors ("Bioprocessing Systems").




                                 7




Segment information is reported as follows (foreign sales
are principally to customers in Europe and Asia):


               Benchtop    Catalyst     Bio-       Corporate
               Laboratory  Research     processing and       Conso-
               Equipment   Instruments  Systems    Other     lidated
               __________  ___________  __________ _________ ___________

Three months ended March 31, 2015:

 Revenues       $1,558,000 $  144,600   $   26,600 $    -     $1,729,200
 Foreign Sales	   813,900     81,100         -	        -	 895,000
 Income(Loss)from
    Operations     120,600 (   50,400) (    33,500)     -         36,700
 Assets     	 4,165,700  1,506,700      783,400   555,800   7,011,600
 Long-Lived Asset
    Expenditures       900       -           3,700      -          4,600
 Depreciation and
    Amortization    74,700      7,900       24,500      -        107,100





               Benchtop    Catalyst     Bio-       Corporate
               Laboratory  Research     processing and       Conso-
               Equipment   Instruments  Systems    Other     lidated
               __________  ___________  __________ _________ ___________
Three months ended March 31, 2014:

 Revenues       $1,177,400 $  603,900   $   5,000   $    -    $1,786,300
 Foreign Sales	   604,900    198,800         -          -       803,700
 Income(Loss)from
    Operations      61,400 (   10,600) (   58,000) (   69,000) (  76,200)
 Assets     	 4,017,100  1,847,900     873,300     674,800  7,413,100
 Long-Lived Asset
    Expenditures 1,454,700     11,300       1,000        -     1,467,000
 Depreciation and
    Amortization    32,700      8,500      24,300        -        65,500




Approximately 53% and 57% of net sales of benchtop laboratory equipment
for the three month periods ended March 31, 2015 and 2014, respectively,
were derived from the Company's main product, the Vortex-Genie 2 mixer,
excluding accessories.

Approximately 21% and 13% of total benchtop laboratory equipment sales
were derived from the Torbal Scales Division for the three months ended
March 31, 2015 and 2014, respectively.

Two benchtop laboratory equipment customers accounted for approximately
18% and 22% of the segment's net sales for the three month periods ended
March 31, 2015 and 2014 (17% and 15% of total net sales, respectively,
for the periods).

Sales of catalyst research instruments are generally pursuant to large
orders averaging more than $100,000 per order to a limited numbers of
customers.  Sales to two customers in the three months ended March 31,
2015 and two different customers in the three months ended March 31,
2014, accounted respectively for 64% and 94% of the segment's net sales
for each of the periods (5% and 32% of total net sales for the
respective periods).



                                      8





               Benchtop    Catalyst     Bio-       Corporate
               Laboratory  Research     processing and       Conso-
               Equipment   Instruments  Systems    Other     lidated
               __________  ___________  __________ _________ __________
Nine months ended March 31, 2015:

 Revenues	$3,891,400  $1,115,300  $   75,700 $   -     $5,082,400
 Foreign Sales	 1,947,400     840,300        -        -      2,787,700
 Loss from
     Operations (   64,700) (  191,200) (  118,600)    -     (  374,500)
 Assets     	 4,165,700   1,506,700     783,400   555,800  7,011,600
 Long-Lived Asset
    Expenditures    52,400         900       7,600      -        60,900
 Depreciation and
    Amortization   227,000      26,900      73,300      -       327,200




               Benchtop    Catalyst     Bio-       Corporate
               Laboratory  Research     processing and       Conso-
               Equipment   Instruments  Systems    Other     lidated
               __________  ___________  __________ _________ ___________
Nine months ended March 31, 2014:

 Revenues       $3,401,200 $1,406,900   $ 162,100  $    -    $4,970,200
 Foreign Sales	 2,049,100    367,100       2,000       -     2,418,200
 Income(Loss)from
    Operations     299,100 (  112,500) (   10,200) (  79,500)    96,900
 Assets     	 4,017,100  1,847,900     873,300    674,800  7,413,100
 Long-Lived Asset
    Expenditures 1,474,700     11,300       7,500       -     1,493,500
 Depreciation and
    Amortization    55,300     26,100      72,600       -       154,000




Approximately 50% and 63% of net sales of benchtop laboratory equipment
for the nine month periods ended March 31, 2015 and 2014, respectively,
were derived from sales of the Company's main product, the Vortex-Genie 2
mixer, excluding accessories.

Approximately 34% and 4% of total benchtop laboratory equipment sales
for the nine months ended March 31, 2015 and 2014, respectively, were
derived from sales since acquisition in February 2014 of the new Torbal
Scales Division.

Two benchtop laboratory equipment customers, accounted for approximately
28% and 21% of the segment?s net sales (13% and 14% of total net sales)
for the nine month periods ended March 31, 2015 and 2014, respectively.

Sales of catalyst research instruments to five customers in the nine
months ended March 31, 2015 and to three other customers in the nine
months ended March 31, 2014 accounted for approximately 69% and 59% of
that segment's net sales (14% and 17% of total net sales) for the
respective nine month periods.

The Company's foreign sales are principally made to customers in Europe
and Asia. The Company also has an arrangement with a supplier for
annual minimum purchase commitments through February 2020 which the
Company has already met for the current year.

                                   9




5.	Fair Value of Financial Instruments:

The FASB defines the fair value of financial instruments as the amount
that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at
the measurement date.  Fair value measurements do not include
transaction costs.

The accounting guidance also expands the disclosure requirements
concerning fair value and establishes a fair value hierarchy of
valuation inputs.  The hierarchy prioritizes the inputs into three
levels based on the extent to which inputs used in measuring fair
value are observable in the market.  Each fair value measurement is
reported in one of the three levels, which is determined by the
lowest level input that is significant to the fair value measurement
in its entirety.  These levels are described below:

Level 1	Inputs that are based upon unadjusted quoted prices for
identical instruments traded in active markets.

Level 2	Quoted prices in markets that are not considered to be
active or financial instruments for which all significant inputs are
observable, either directly or indirectly.

Level 3	Prices or valuations that require inputs that are both
significant to the fair value measurement and unobservable.

The following tables set forth by level within the fair value
hierarchy the Company's financial assets and liabilities that were
accounted for at fair value on a recurring basis at March 31, 2015
and June 30, 2014 according to the valuation techniques the Company
used to determine their fair values:


                                       Fair Value Measurements Using Inputs
                                                    Considered as
Assets:
                              Fair Value at
                              March 31, 2015   Level 1     Level 2   Level 3
                              ______________  __________  ________  ________
Cash and cash equivalents       $  354,300    $  354,300  $  -      $  -
Available for sale securities  	   286,000	 286,000     -         -
                              ______________  __________  ________  ________
Total				$  640,300    $  640,300  $  -      $  -
                              ==============  ==========  ========  ========
Liabilities:

Contingent consideration	$  401,100    $    -      $  -      $401,100
                                ==========    ==========  ========  ========


                                       Fair Value Measurements Using Inputs
                                                    Considered as
Assets:
                              Fair Value at
                              June 30, 2014   Level 1     Level 2   Level 3
                              ______________  __________  ________  ________
Cash and cash equivalents	$  493,700    $  493,700  $  -      $  -
Available for sale securities  	   415,400	 415,400     -         -
                                __________    __________  ________  ________
Total				$  909,100    $  909,100  $  -      $  -
                                ==========    ==========  ========  ========
Liabilities:

Contingent consideration        $  500,000    $     -     $  -      $500,000
                                ==========    ==========  ========  ========





                                           10




Investments in marketable securities classified as available-for-sale by
security type at March 31, 2015 and June 30, 2014 consisted of the following:



                                                            Unrealized
                                               	    Fair   Holding Gain
                                        Cost        Value     (Loss)
	                           ____________  _________ ____________
At March 31, 2015:
   Available for sale:
   Equity securities		   $  29,300	 $  35,700  $    6,400
   Mutual funds			     257,200	   250,300 (     6,900)
                                   _________     _________ ___________
                                   $ 286,500	 $ 286,000 ($      500)
                                   =========     ========= ===========



                                                            Unrealized
                                               	    Fair   Holding Gain
                                        Cost        Value     (Loss)
	                           ____________  _________ ____________
At June 30, 2014:
   Available for sale:
   Equity securities		   $  29,300	 $  38,500  $    9,200
   Mutual funds			     385,000	   376,900     ( 8,100)
                                   _________     _________  ___________
                                   $ 414,300	 $ 415,400  $    1,100
                                   =========     =========  ===========
6.	Inventories:

At interim reporting periods, inventories for financial statement purposes
are based on perpetual inventory records. Components of inventory are as
follows:

                        March 31,  	June 30,
                          2015   	  2014
                       __________     __________
Raw Materials          $1,476,700     $1,617,100
Work in process           815,200    	 366,200
Finished Goods            329,400	 325,900
                       __________     __________
                       $2,621,300     $2,309,200
                       ==========     ==========


7.	Earnings (Loss) per common share:

Basic earnings (loss) per common share are computed by dividing net
income (loss) by the weighted-average number of shares outstanding.
Diluted earnings (loss) per common share include the dilutive effect
of stock options, if any.

                               11





       Earnings (Loss) per common share was computed as follows:




                           For the Three Month	 For the Nine Month
                           Periods Ended	 Periods Ended
                           March 31,           	 March 31,
                           ____________________  __________________

    			       2015       2014      2015       2014
                           _________ ___________ __________  ________
Net income (loss)          $  19,000 ($  59,700) ($ 280,300) $ 77,500
                           ========= =========== ==========  ========
Weighted average common
 shares outstanding        1,479,112  1,390,433   1,477,375 1,382,519
Effect of dilutive
 securities                     -          -           -        9,741
                           _________ ___________ __________ _________
Weighted average dilutive
common shares outstanding  1,479,112  1,390,433   1,477,375 1,392,260
                          ========== =========== ========== =========
Basic earnings (loss) per
common share		  $   .01    ($   .04)   ($   .19)  $   .06
                          =======    =========   =========  =======
Diluted earnings (loss) per
common share 		  $   .01    ($   .04)   ($   .19)  $   .06
                          =======    =========   =========  =======

Approximately 51,000 shares of the Company's Common Stock issuable
upon the exercise of outstanding stock options were excluded from the
calculation of diluted earnings per common share for the three and nine
month periods ended March 31, 2015, because the effect would be anti-
dilutive.

Approximately 61,000 and 40,000 shares of the Company's common stock
issuable upon the exercise of outstanding options were excluded from
the calculation of diluted earnings per common share for each of the
three and nine month periods ended March 31, 2014, because the effect
 would be anti-dilutive.



8.   Goodwill and Other Intangible Assets:

Goodwill represents the excess of the purchase price over the fair
value of the net assets acquired in connection with the Company's
acquisitions.  Goodwill amounted to $705,300 and $589,900 as of
March 31, 2015 and June 30, 2014, respectively, all of which is
deductible for tax purposes.

The components of other intangible assets are as follows:


			 Useful                 Accumulated
			 Lives         Cost     Amortization      Net
                         ________   __________  ____________  _________
 At March 31, 2015:

 Technology, trademarks  5/10 yrs.  $1,226,800 $   590,400   $  636,400
 Trade names		    6 yrs.     140,000	    25,300      114,700
 Websites		    5 yrs.     210,000	    45,500      164,500
 Customer relationships  9/10 yrs.     357,000	   231,600      125,400
 Sublicense agreements     10 yrs.     294,000	    99,200	194,800
 Non-compete agreements     5 yrs.     384,000	   168,600      215,400
 IPR&D			    3 yrs.     110,000	    39,700	 70,300
 Other intangible assets    5 yrs.     161,900     146,200       15,700
                                    __________  __________   __________
                                    $2,883,700  $1,346,500   $1,537,200
                                    ==========  ==========   ==========







                                     12




			 Useful                 Accumulated
			 Lives         Cost     Amortization      Net
                         ________   __________  ____________  _________
 At June 30, 2014:

 Technology, trademarks  5/10 yrs.  $1,226,800  $  489,100    $ 737,700
 Trade names                6 yrs.     140,000 	     7,800      132,200
 Websites                   5 yrs.     210,000      14,000      196,000
 Customer relationships  9/10 yrs.     357,000     215,800      141,200
 Sublicense agreements     10 yrs.     294,000      77,200	216,800
 Non-compete agreements     5 yrs.     384,000     126,300      257,700
 IPR&D                      3 yrs.     110,000      12,200       97,800
 Other intangible assets    5 yrs.     157,400     140,900       16,500
                                    __________  __________   __________
	  			    $2,879,200  $1,083,300   $1,795,900
                                    ==========  ==========   ==========


Total amortization expense was $86,900 and $47,500 for the three months
ended March 31, 2015 and 2014, respectively and $263,200 and $103,400 for
the nine months ended March 31, 2015 and 2014, respectively.  As of March
31, 2015, estimated future amortization expense related to intangible assets
is $87,500 for the remainder of the fiscal year ending June 30, 2015,
$352,400 for fiscal 2016, $337,100 for fiscal 2017, $323,300 for fiscal
2018, $244,800 for fiscal 2019, and $192,100 thereafter.





                                 13




            SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES



Item 2. Management's Discussion and Analysis or Plan of Operations

Certain statements contained in this report are not based on
historical facts, but are forward-looking statements that are based
upon various assumptions about future conditions.  Actual events in
the future could differ materially from those described in the
forward-looking information.  Numerous unknown factors and future
events could cause such differences, including but not limited to,
product demand, market acceptance, impact of competition, the ability
to reach final agreements, the ability to finance and produce catalyst
research instruments to customers' satisfaction, adverse economic
conditions, and other factors affecting the Company's business that
are beyond the Company's control.  Consequently, no forward-looking
statement can be guaranteed.

We undertake no obligation to publicly update forward-looking
statements, whether as a result of new information, future events or
otherwise.

Liquidity and Capital Resources

Cash and cash equivalents decreased $139,400 to $354,300 as of March
31, 2015 from $493,700 as of June 30, 2014.

Operating activities used cash of $194,900 for the nine month period
ended March 31, 2015 as compared to the $179,900 used in the nine
month period ended March 31, 2014. In the current year period cash
used in operating activities was negatively impacted by the loss
incurred, and higher amounts of work-in-progress inventories for the
Catalyst Research Instruments Operations, partially offset by advances
received from customers for orders of catalyst research instruments
and a higher amount for depreciation and amortization related to the
asset acquisition.  Net cash provided by investing activities was
$62,300 for the nine months ended March 31, 2015 compared to net cash
used of $324,100 for the comparable period last year primarily due to
the cash paid for the asset acquisition last year.  Net cash used in
financing activities was $6,800 for the nine months ended March 31,
2015 compared to $80,300 for the comparable prior year period
primarily because of the absence of a dividend this year, partially
off set by the contingent consideration paid with respect to the
acquisition in February 2014 of the Torbal Division assets.

The Company's working capital decreased by $154,700 to $2,987,700 as
of March 31, 2015 from $3,142,400 at June 30, 2014 mainly due to the
loss during the period.

The Company has a line of credit with Bank of America Merrill Lynch
which provides for maximum borrowings of up to $700,000, bearing
interest at 3.00 percentage points above the LIBOR Index, 3.17% as of
March 31, 2015 and is secured by a pledge of collateral consisting of
the inventory, accounts, chattel paper, equipment and fixtures of the
Company.  Outstanding amounts are due and payable by November 30, 2015
with a requirement that the Company is to reduce the outstanding
principal balance to zero during the 30 day period ending on the
expiration date of the promissory note.  As of March 31, 2015,
$100,000 was due under this line.


                               14




Management believes that the Company will be able to meet its cash
flow needs during the next 12 months from its available financial
resources, including its cash and cash equivalents, the line of credit
and investment securities.

Results of Operations

Financial Overview

The Company recorded, respectively, income before income taxes of
$31,600 and a loss before income tax benefit of $373,800 for the three
and nine month periods ended March 31, 2015 compared to a loss before
income tax benefit of $79,800 and income before income taxes of
$96,900 for the three and nine month periods ended March 31, 2014.
The results included significant non-cash amounts for depreciation and
amortization expenses, of $107,100 and 327,200 for the three and nine
month periods ended March 31, 2015, respectively, compared to $65,500
and $154,000 for the three and nine month periods ended March 31,
2014, respectively, the majority of which pertained to the Torbal
Division assets.

The income for the current three month period increased compared to
the prior year's loss for the same period due to higher sales of
benchtop laboratory equipment, and the absence of acquisition costs
that were incurred in the same period last year.  The loss for the
current nine month period resulted primarily from the significant
depreciation and amortization described above and facility moving
costs, along with increased losses from the Catalyst Research
Instruments Operations due to lower sales, and a higher loss by the
Bioprocessing Systems Operations compared to last year which included
an order for a profitable prototype.

The Three Months Ended March 31, 2015 Compared With the Three Months
Ended March 31, 2014

Net revenues for the three months ended March 31, 2015 decreased by
$57,100 (3.2%) to $1,729,200 from $1,786,300 for the three months
ended March 31, 2014 as a result of a $459,300 decrease in catalyst
research instrument sales, partially offset by increases of $380,600
and $21,600 in laboratory equipment sales and bioprocessing systems
revenues, respectively. Sales of benchtop laboratory equipment
products generally comprise many small orders from distributors, while
catalyst research instruments are sold pursuant to a small number of
larger orders, typically averaging over $100,000 each, resulting in
significant swings in revenues.  The backlog of orders for catalyst
research instruments was $1,154,000 as of March 31, 2015, most of
which is expected to be delivered by fiscal year end, as compared to
the backlog of $505,200 as of March 31, 2014.  Although typically
there is no significant backlog of orders for the Benchtop Laboratory
Equipment Operations, due to production delays and increased number of
orders during the period, the Company had a backlog of such products
of approximately $300,000 as of March 31, 2015, all of which has been
fulfilled as of the date of this report.

The gross profit for the three months ended March 31, 2015 was 44.3%
compared to 39.0% for the three months ended March 31, 2014, due
primarily to sales mix and higher sales of benchtop laboratory
equipment.



                                15



General and administrative expenses for the three months ended March
31, 2015 decreased $27,900 (6.0%) to $433,900 compared to $461,800 for
the three months ended March 31, 2014, primarily due to the costs
incurred last year related to the asset acquisition.

Selling expenses for the three months ended March 31, 2015 increased
$4,200 (2.1%) to $202,200 from $198,000 for the three months ended
March 31, 2014, primarily the result of selling expenses incurred by
the Torbal Division of the Benchtop Laboratory Equipment Operations.

Research and development expenses for the three months ended March 31,
2015 decreased to $94,500 from $113,800 for the three months ended
March 31, 2014, primarily the result of decreased new product
development activity by the Benchtop Laboratory Equipment Operations
due to the launch of a new product during the 2015 period.

Total other expense amounted to $5,100 for the three months ended
March 31, 2015 compared to expense of $3,600 for the prior year
period.

The Company recorded income tax expense of $12,600 for the three
months ended March 31, 2015 compared to an income tax benefit of
$20,100 for the three months ended March 31, 2014.

As a result of the foregoing, net income was $19,000 for the three
months ended March 31, 2015, compared to a net loss of $59,700 for the
three months ended March 31, 2014.



Nine Months Ended March 31, 2015 Compared With the Nine Months Ended
March 31, 2014

Net revenues increased by $112,200 (2.3%) to $5,082,400 for the nine
months ended March 31, 2015 compared to $4,970,200 for the nine months
ended March 31, 2014, due to increases of $490,200 in benchtop
laboratory equipment sales; partially offset by decreases of $291,600
and $86,400 in catalyst research instrument sales and bioprocessing
product revenues.  Last year the revenues generated by the
Bioprocessing Systems Operations benefitted from a one-time order for
prototype bioprocessing products of approximately $100,000.  Sales of
benchtop laboratory equipment products generally are comprised of many
small purchase orders from distributors, while sales of catalyst
research instruments are comprised of a small number of large orders,
typically averaging over $100,000 each, resulting in significant
swings in revenues.  The Benchtop Laboratory Equipment Operations
include since, February 2014, sales of Torbal brand balances and
scales (refer to Note 4 for segment information).

The gross profit percentage for the nine months ended March 31, 2015
decreased to 38.5% compared to 42.4% for the nine months ended March
31, 2014, due principally to product mix of the Benchtop Laboratory
Equipment Operations, which include in the current year Torbal brand
products at lower gross margins.

General and administrative expenses increased by $178,400 (16.1%) to
$1,286,500 for the nine months ended March 31, 2015 from $1,108,100
for the comparable period of the prior year, due to the expenses of
the new Torbal Division of the Benchtop Laboratory Equipment
Operations, and costs associated with the move of the Company's
principal facility in November 2014.



                              16




Selling expenses for the nine months ended March 31, 2015 increased by
$124,100 (20.5%) to $726,900 from $602,800 for the nine months ended
March 31, 2014, primarily the result of expenses of the new Torbal
Division of the Benchtop Laboratory Equipment Operations, and higher
selling expenses for the Catalyst Research Instruments Operations.

Research and development expenses for the nine months ended March 31,
2015 increased by $15,800 (5.2%) to $317,700 from $301,900 for the
nine months ended March 31, 2014, primarily due to new product
development expenses by the Company's Bioprocessing Systems
Operations.

Total other income decreased $8,700 to $700 for the nine month period
ended March 31, 2015 compared to $9,400, for the nine month period
ended March 31, 2014 due to lower investment income and higher
interest expense.

Income tax benefit for the nine months ended March 31, 2015 was
$93,500 compared to income tax expense of $28,800 for the nine months
ended March 31, 2014 due to the losses generated in the current
period.

As a result of the foregoing, the net loss for the nine months ended
March 31, 2015 was $280,300 compared to net income of $77,500 for the
nine months ended March 31, 2014.



Item 4.  Controls and Procedures

Evaluation of Disclosure Controls and Procedures.  As of the end of
the period covered by this report, based on an evaluation of the
Company's disclosure controls and procedures (as defined in Rules 13a-
15(e) and 15d-15(e) under the Securities Exchange Act of 1934), the
Chief Executive and Chief Financial Officer of the Company has
concluded that the Company's disclosure controls and procedures are
effective to ensure that information required to be disclosed by the
Company in its Exchange Act reports is recorded, processed, summarized
and reported within the applicable time periods specified by the SEC's
rules and forms. The Company also concluded that information required
to be disclosed in such reports is accumulated and communicated to the
Company's management, including its principal executive and principal
financial officer, as appropriate to allow timely decisions regarding
required disclosure.

Changes in Internal Control Over Financial Reporting. There was no
change in the Company's internal controls over financial reporting
that occurred during the most recently completed fiscal quarter that
materially affected or is reasonably likely to materially affect the
Company's internal controls over financial reporting.



                             17





Part II B OTHER INFORMATION


Item 6.  Exhibits and Reports on Form 8-K

(a) Exhibit Number:	Description

    31.1	Certification of Chief Executive Officer and Chief
Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of
2002.

    32.1	Certification of Chief Executive Officer and Chief
Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.

       (b) Reports on Form 8-K:

Filed on January 16, 2015 reporting under Items 1.01 and 5.07.






                              18









             SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES



                           SIGNATURE



In accordance with the requirements of the Exchange Act, the
registrant caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.




                              Scientific Industries, Inc.
                              Registrant


                              /s/Helena R. Santos
                              ___________________

                              Helena R. Santos
                              President, Chief Executive Officer
                              and Treasurer
                              Principal Executive, Financial and
                              Accounting Officer

Date: May 14, 2015


                                   19

EX-32

	                                      Exhibit 32.1



                     CERTIFICATION

The undersigned as Chief Executive Officer and Chief Financial Officer
of the Company, does hereby certify that the foregoing Quarterly
Report of SCIENTIFIC INDUSTRIES, INC. (the "Company"), on Form 10-Q
for the period ended March 31, 2015:

(1)	Fully complies with the requirements of Section 13 or 15 (d)
of the Securities Exchange Act of 1934; and

(2)	Fairly presents, in all material respects, the financial
condition and results of operations of the Company.





May 14, 2015


/s/ Helena R. Santos
____________________


Helena R. Santos
Chief Executive Officer and Chief Financial Officer



A signed original of this written statement required by Section 906
has been provided to the Company and will be retained by the Company
and furnished to the Securities and Exchange Commission or its staff
upon request.

EX-31

                                          Exhibit 31.1


                     CERTIFICATION

I, Helena R. Santos, certify that:

1.	I have reviewed this report on Form 10-Q for the
quarter ended March 31, 2015 of Scientific Industries, Inc.,
a smaller reporting company (the "Registrant");

2.	Based on my knowledge, this report does not contain
any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light
of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other
financial information included in this report, fairly present in
all material respects the financial condition, results of
operations and cash flows of the Registrant as of, and for, the
periods presented in this report;

4.	I am responsible for establishing and maintaining disclosure
controls and procedures (as defined in Exchange Act Rules 13a-
15(e) and 15d-15(e) and internal control over financial reporting
(as defined in Exchange Act Rules 13a-15 (f) and 15d-15(f) for
the Registrant and have:

a)	Designed such internal disclosure and procedures, or caused
such controls and procedures to be designed under my
supervision, to ensure that material information relating to
the Registrant, including its consolidated subsidiaries, is
made known to me by others within those entities,
particularly during the period in which this report is being
prepared;
b)	Designed such internal control over financial reporting, or
caused such internal control over financial reporting to be
designed under my supervision, to provide reasonable
assurance, regarding the reliability of financial reporting
and the preparation of financial statements for external
purposes in accordance with generally accepted accounting
principles;
c)	Evaluated the effectiveness of the Registrant's disclosure
controls and procedures and presented in this report my
conclusions about the effectiveness of the disclosure
controls and procedures, as of the end of the period covered
by this report based on such evaluation; and
d)	Disclosed in this report any change in the Registrant's
internal control over financial reporting that occurred
during the Registrant's most recent fiscal quarter that has
materially affected, or is reasonably likely to affect, the
Registrant's internal control over financial reporting; and

5.	I have disclosed, based on my most recent evaluation
of internal controls over financial reporting, to the Registrant's
auditors and the audit committee of the Registrant's board of
directors (or persons performing the equivalent functions):

a)	All significant deficiencies and material weaknesses in the
design or operation of internal controls over financial
reporting which are reasonably likely to adversely affect
the Registrant's ability to record, process, summarize and
report financial information; and
b)	Any fraud, whether or not material, that involves management
or other employees who have a significant role in the
Registrant's internal controls over financial reporting.



May 14, 2015

/s/ Helena R. Santos
____________________


Helena R. Santos
Chief Executive Officer and Chief Financial Officer

XML

4. Segment Information and Concentrations (Details Narrative)	3 Months Ended		9 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Benchtop Laboratory Equipment [Member]
Net sales	53.00%	57.00%	50.00%	63.00%
Consolidated sales	21.00%	13.00%	34.00%	4.00%
TwoCustomers [Member] | Benchtop Laboratory Equipment [Member]
Net sales	18.00%	22.00%	28.00%	21.00%
Consolidated sales	17.00%	15.00%	13.00%	14.00%
CustomerTwoMember | Catalyst Research Instruments [Member]
Net sales	64.00%
Consolidated sales	5.00%
Three Different Customers [Member] | Catalyst Research Instruments [Member]
Net sales		94.00%		59.00%
Consolidated sales		32.00%		17.00%
Five Customers [Member] | Catalyst Research Instruments [Member]
Net sales			69.00%
Consolidated sales			14.00%

XML

3. Acquisition

9 Months Ended

Mar. 31, 2015

Text Block [Abstract]

Acquisition

On February 26, 2014, the Company acquired substantially all the assets of a privately owned company consisting principally of inventory, fixed assets, and intangible assets related to the production and sale of a variety of laboratory and pharmacy balances and scales. The acquisition was pursuant to an asset purchase agreement whereby the Company paid the sellers $700,000 in cash, 126,449 shares of Common Stock valued at $427,500 and agreed to make additional cash payment based on a percentage of net sales of the business acquired equal to 8% for the period ending June 30, 2014 annualized, amounting to $98,900, 9% for the year ending June 30, 2015, 10% for the year ending June 30, 2016 and 11% for the year ending June 30, 2017, estimated at a present value of $460,000 on the date of acquisition. Payments related to this contingent consideration for each period are due in September following the fiscal year.

The products, which are similar to the Company’s other Benchtop Laboratory Equipment, and in many cases used by the same customers, are marketed under the Torbal® brand. The principal customers are pharmacies, pharmacy schools, universities, government laboratories, and industries utilizing precision scales. The products are sold primarily on a direct basis, including through the Company’s e-commerce site.

The Company allocated the purchase price based on its valuation of the assets acquired, as follows:

Current assets	$144,000
Property and equipment	118,100
Goodwill*	115,400
Other intangible assets	1,210,000
Total Purchase Price	$ 1,587,500

*See Note 8, “Goodwill and Other Intangible Assets”.

Of the $1,210,000 of the acquired other intangible assets, $570,000 was assigned to technology and websites with a useful life of 5 years, $120,000 was assigned to customer relationships with an estimated useful life of 9 years, $140,000 was assigned to the trade name with an estimated useful life of 6 years, $110,000 was assigned to the In Process Research and Development (“IPR&D”) with an estimated useful life of 3 years, and $270,000 was assigned to non-compete agreements with an estimated useful life of 5 years.

In connection with the acquisition, the Company entered into a three-year employment agreement with the previous Chief Operating Officer of the acquired business as President of the Company’s new Torbal Division and Director of Marketing for the Company. The agreement may be extended by mutual consent for an additional two years.

Pro forma results

The unaudited pro forma condensed consolidated financial information in the table below summarizes the consolidated results of operations of the Company including its new Torbal Division, on a pro forma basis, as though the companies had been consolidated as of the beginning of the fiscal year ended June 30, 2014. The unaudited pro forma condensed financial information presented below is for informational purposes only and is not intended to represent or be indicative of the consolidated results of the operations that would have been achieved if the acquisition had been completed as of the commencement of the fiscal year presented. In addition, the Company was unable to obtain audited historical information and, therefore the information presented is based on management’s best judgment.

	For the Three Month	For the Nine Month
	Period Ended	Period Ended
	March 31, 2014	March 31, 2014
Net Revenues	$1,969,300	$5,703,200
Net Loss	($   82,300)	($  13,800)
Net income (loss) per share - basic	($  .06)	($  .01)
Net Income (loss) per share - diluted	($  .06)	($ .01)

XML

7. Earnings (Loss) per common share (Details) (USD $)	3 Months Ended		9 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Earnings Loss Per Common Share Details
Net income (loss)	$ 19,000	$ (59,700)	$ (280,300)	$ 77,500
Weighted average common shares outstanding	1,479,112	1,390,433	1,477,375	1,382,519
Effect of dilutive securities				9,741
Weighted average dilutive common shares outstanding	1,479,112	1,390,433	1,477,375	1,392,260
Basic earnings/(loss) per common share	$ 0.01	$ (0.04)	$ (0.19)	$ 0.06
Diluted earnings/(loss) per common share	$ 0.01	$ (0.04)	$ (0.19)	$ 0.06

XML

6. Inventories (Details) (USD $)	Mar. 31, 2015	Jun. 30, 2014
Inventories Details
Raw Materials	$ 1,476,700	$ 1,617,100
Work in process	815,200	366,200
Finished Goods	329,400	325,900
Inventory	$ 2,621,300	$ 2,309,200

XML

7. Earnings (Loss) per common share (Details Narrative)	3 Months Ended		9 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Equity [Abstract]
Common stock issuable upon the exercise of outstanding stock options	51,000	61,000	51,000	40,000

XML

8. Goodwill and Other Intangible Assets (Details) (USD $)	9 Months Ended	12 Months Ended
	Mar. 31, 2015	Jun. 30, 2014
Cost	$ 2,883,700	$ 2,879,200
Accumulated Amortization	1,346,500	1,083,300
Net	1,537,200	1,795,900
Technology, trademarks
Useful Lives Minimum	5 years	5 years
Useful Lives Maximum	10 years	10 years
Cost	1,226,800	1,226,800
Accumulated Amortization	590,400	489,100
Net	636,400	737,700
Trade names [Member]
Useful Lives	6 years	6 years
Cost	140,000	140,000
Accumulated Amortization	25,300	7,800
Net	114,700	132,200
Websites [Member]
Useful Lives	5 years	5 years
Cost	210,000	210,000
Accumulated Amortization	45,500	14,000
Net	164,500	196,000
Customer relationships
Useful Lives Minimum	9 years	9 years
Useful Lives Maximum	10 years	10 years
Cost	357,000	357,000
Accumulated Amortization	231,600	215,800
Net	125,400	141,200
Sublicense agreements
Useful Lives	10 years	10 years
Cost	294,000	294,000
Accumulated Amortization	99,200	77,200
Net	194,800	216,800
Non-compete agreements
Useful Lives	5 years	5 years
Cost	384,000	384,000
Accumulated Amortization	168,600	126,300
Net	215,400	257,700
IPR and D [Member]
Useful Lives	3 years	3 years
Cost	110,000	110,000
Accumulated Amortization	39,700	12,200
Net	70,300	97,800
Other intangible assets
Useful Lives	5 years	5 years
Cost	161,900	157,400
Accumulated Amortization	146,200	140,900
Net	$ 15,700	$ 16,500

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2. New Accounting Pronouncements

9 Months Ended

Mar. 31, 2015

Notes to Financial Statements

New Accounting Pronouncements

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers amending revenue recognition requirements for multiple-deliverable revenue arrangements. This update provides guidance on how revenue is recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for the goods or services. This determination is made in five steps: (i) identify the contract with the customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. In April 2015 the FASB proposed a one-year deferral of the effective date of the new revenue recognition standard. If finalized as proposed, the new guidance will be effective for the Company’s fourth quarter of fiscal 2018 and early adoption is permitted.

The Company is currently evaluating the impact this guidance may have on its financial condition and results of operations.

In June 2014, the FASB issued ASU 2014-12, Compensation – Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide that a Performance Target Could be Achieved After the Requisite Service Period. This update affects reporting entities that grant their employee’s targets that affects vesting could be achieved after the requisite service period. The new standard requires that a performance target that affects vesting and that could be achieved after the requisite services period be treated as a performance condition. The new standard will be effective for the Company beginning July 1, 2015, and early adoption is permitted. The Company expects the adoption will not have a material impact on its financial condition, results of operations or cash flows.

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8. Goodwill and Other Intangible Assets (Details Narrative) (USD $)	3 Months Ended		9 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Jun. 30, 2014
Goodwill And Other Intangible Assets Details Narrative
Estimated future amortization expense 2015	$ 87,500		$ 87,500
Estimated future amortization expense 2016	352,400		352,400
Estimated future amortization expense 2017	337,100		337,100
Estimated future amortization expense 2018	323,300		323,300
Estimated future amortization expense 2019	244,800		244,800
Estimated future amortization expense thereafter	192,100		192,100
Total amortization expense	86,900	47,500	263,200	103,400
Goodwill	$ 705,300		$ 705,300		$ 705,300

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2015	Jun. 30, 2014
Current Assets:
Cash and cash equivalents	$ 354,300	$ 493,700
Investment securities	286,000	415,400
Trade accounts receivable, net	829,600	756,700
Inventories	2,621,300	2,309,200
Prepaid expenses and other current assets	111,200	123,100
Deferred taxes	100,700	86,000
Total current assets	4,303,100	4,184,100
Property and equipment, net	244,500	252,100
Intangible assets, net	1,537,200	1,795,900
Goodwill	705,300	705,300
Other assets	52,400	28,200
Deferred taxes	169,100	146,200
Total assets	7,011,600	7,111,800
Current Liabilities:
Accounts payable	325,100	373,700
Customer advances	324,900	89,500
Bank line of credit	100,000
Notes payable, current portion		26,700
Accrued expenses and taxes	429,300	442,800
Contingent consideration payable, current portion	136,100	109,000
Total current liabilities	1,315,400	1,041,700
Contingent consideration payable, less current portion	265,000	391,000
Total liabilities	1,580,400	1,432,700
Shareholders' equity:
Common stock, $.05 par value; authorized 7,000,000 shares; 1,498,914 and 1,488,914 issued and outstanding at March 31, 2015 and June 30, 2014	74,900	74,400
Additional paid-in capital	2,454,200	2,420,700
Accumulated other comprehensive gain (loss)	(500)	1,100
Retained earnings	2,955,000	3,235,300
Total	5,483,600	5,731,500
Less common stock held in treasury, at cost, 19,802 shares	52,400	52,400
Total shareholders' equity	5,431,200	5,679,100
Total liabilities and shareholders' equity	$ 7,011,600	$ 7,111,800

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Operating activities:
Net income (loss)	$ (280,300)	$ 77,500
Adjustments to reconcile net income to net cash used in operating activities:
Loss on sale of investments	4,400	17,300
Depreciation and amortization	327,200	154,000
Deferred income taxes	(37,300)	(11,400)
Stock-based compensation	10,200	14,900
Income tax benefit of stock options exercised	4,900	0
Changes in operating assets and liabilities, net of effect of acquisition:
Accounts receivable	(72,900)	(319,400)
Inventories	(312,100)	(399,700)
Prepaid expenses and other current assets	11,900	(66,900)
Accounts payable	(48,600)	77,900
Customer advances	235,400	256,000
Accrued expenses and taxes	(13,500)	19,900
Other assets	(24,200)	0
Total adjustments	85,400	(257,400)
Net cash used in operating activities	(194,900)	(179,900)
Investing activities:
Cash paid for asset acquisition	0	(700,000)
Redemption of investment securities, available-for-sale	127,000	450,900
Purchase of investment securities, available for sale	(3,800)	(25,000)
Capital expenditures	(56,500)	(47,100)
Purchase of other intangible assets	(4,400)	(2,900)
Net cash provided by (used in) investing activities	62,300	(324,100)
Financing activities:
Line of credit proceeds	250,000	150,000
Line of credit repayments	(150,000)	(70,000)
Payments of contingent consideration	(98,900)	(1,100)
Proceeds from exercise of stock options	18,800	6,700
Cash dividend declared and paid	0	(107,400)
Principal payments on note payable	(26,700)	(58,500)
Net cash used in financing activities	(6,800)	(80,300)
Net decrease in cash and cash equivalents	(139,400)	(584,300)
Cash and cash equivalents, beginning of year	493,700	927,300
Cash and cash equivalents, end of period	354,300	343,000
Cash paid during the period for:
Income Taxes	3,500	152,100
Interest	$ 4,300	$ 2,400

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3. Acquisition (Details) (USD $)	Mar. 31, 2015
Acquisition Details
Current assets	$ 144,000
Property and equipment	118,000
Goodwill	115,400
Other intangible assets	1,210,000
Total Purchase Price	$ 1,587,500

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4. Segment Information and Concentrations (Details) (USD $)	3 Months Ended		9 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Depreciation and Amortization			$ 327,200	$ 154,000
Benchtop Laboratory Equipment [Member]
Revenues	1,558,000	1,177,400	3,891,400	3,401,200
Foreign Sales	813,900	604,900	1,947,400	2,049,100
Income(Loss) from Operations	120,600	61,400	(64,700)	299,100
Assets	4,165,700	4,017,100	4,165,700	4,017,100
Long-lived Asset Expenditures	900	1,454,700	52,400	1,474,700
Depreciation and Amortization	74,700	32,700	227,000	55,300
Catalyst Research Instruments [Member]
Revenues	144,600	603,900	1,115,300	1,406,900
Foreign Sales	81,100	198,800	840,300	367,100
Income(Loss) from Operations	(50,400)	(10,600)	(191,200)	(112,500)
Assets	1,506,700	1,847,900	1,506,700	1,847,900
Long-lived Asset Expenditures		11,300	900	11,300
Depreciation and Amortization	7,900	8,500	26,900	26,100
Bioprocessing Systems [Member]
Revenues	26,600	5,000	75,700	162,100
Foreign Sales				2,000
Income(Loss) from Operations	(33,500)	(58,000)	(118,600)	(10,200)
Assets	783,400	873,300	783,400	873,300
Long-lived Asset Expenditures	3,700	1,000	7,600	7,500
Depreciation and Amortization	24,500	24,300	73,300	72,600
Corporate and Other [Member]
Revenues
Foreign Sales
Income(Loss) from Operations		(69,000)		(79,500)
Assets	555,800	674,800	555,800	674,800
Long-lived Asset Expenditures
Depreciation and Amortization
Consolidated [Member]
Revenues	1,729,200	1,786,300	5,082,400	4,970,200
Foreign Sales	895,000	803,700	2,787,700	2,418,200
Income(Loss) from Operations	36,700	(76,200)	(374,500)	96,900
Assets	7,011,600	7,413,100	7,011,600	7,413,100
Long-lived Asset Expenditures	4,600	1,467,000	60,900	1,493,500
Depreciation and Amortization	$ 107,100	$ 65,500	$ 327,200	$ 154,000

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1. Summary of significant accounting policies

9 Months Ended

Mar. 31, 2015

Notes to Financial Statements

Summary of significant accounting policies

Principles of consolidation:

The accompanying consolidated financial statements include the accounts of Scientific Industries, Inc. (“Scientific”, a Delaware corporation), Altamira Instruments, Inc.(“Altamira”, a wholly-owned subsidiary and Delaware corporation), Scientific Packaging Industries, Inc. (an inactive wholly-owned subsidiary and New York corporation) and Scientific Bioprocessing, Inc. (“SBI”, a wholly-owned subsidiary and Delaware corporation). All are collectively referred to as the “Company”. All material intercompany balances and transactions have been eliminated.

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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2015	Jun. 30, 2014
Shareholders' equity:
Common stock,par value	$ 0.05	$ 0.05
Common stock, authorized shares	7,000,000	7,000,000
Common stock, issued shares	1,498,914	1,488,914
Common stock, outstanding shares	1,498,914	1,488,914
Stock held in treasury, shares	19,802	19,802

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4. Segment Information and Concentrations (Tables)

9 Months Ended

Mar. 31, 2015

Segment Reporting [Abstract]

Segment Information

	Benchtop Laboratory Equipment	Catalyst Research Instruments	Bioprocessing Systems	Corporate and Other	Consolidated
Three months ended March 31, 2015:
Revenues	$1,558,000	$ 144,600	$ 26,600	$ -	$1,729,200
Foreign Sales	813,900	81,100	-	-	895,000
Income(Loss)from
Operations	120,600	( 50,400)	( 33,500)	-	36,700
Assets	4,165,700	1,506,700	783,400	555,800	7,011,600
Long-Lived Asset
Expenditures	900	-	3,700	-	4,600
Depreciation and
Amortization	74,700	7,900	24,500	-	107,100

	Benchtop Laboratory Equipment	Catalyst Research Instruments	Bioprocessing Systems	Corporate and Other	Consolidated
Three months ended March 31, 2014:
Revenues	$1,177,400	$ 603,900 $	5,000	$ -	$1,786,300
Foreign Sales	604,900	198,800	-	-	803,700
Income(Loss)from
Operations	61,400	( 10,600)	( 58,000)	( 69,000)	( 76,200)
Assets	4,017,100	1,847,900	873,300	674,800	7,413,100
Long-Lived Asset
Expenditures	1,454,700	11,300	1,000	-	1,467,000
Depreciation and
Amortization	32,700	8,500	24,300	-	65,500

	Benchtop Laboratory Equipment	Catalyst Research Instruments	Bioprocessing Systems	Corporate and Other	Consolidated
Nine months ended March 31, 2015:
Revenues	$3,891,400	$1,115,300	$ 75,700	$ -	$5,082,400
Foreign Sales	1,947,400	840,300	-	-	2,787,700
Loss from
Operations	( 64,700)	( 191,200)	( 118,600)	-	( 374,500)
Assets	4,165,700	1,506,700	783,400	555,800	7,011,600
Long-Lived Asset
Expenditures	52,400	900	7,600	-	60,900
Depreciation and
Amortization	227,000	26,900	73,300	-	327,200

	Benchtop Laboratory Equipment	Catalyst Research Instruments	Bioprocessing Systems	Corporate and Other	Consolidated
Nine months ended March 31, 2014:
Revenues	$3,401,200	$1,406,900	$ 162,100	$ -	$4,970,200
Foreign Sales	2,049,100	367,100	2,000	-	2,418,200
Income(Loss)from
Operations	299,100	( 112,500)	( 10,200)	( 79,500)	96,900
Assets	4,017,100	1,847,900	873,300	674,800	7,413,100
Long-Lived Asset
Expenditures	1,474,700	11,300	7,500	-	1,493,500
Depreciation and
Amortization	55,300	26,100	72,600	-	154,000

XML

Document and Entity Information	9 Months Ended
	Mar. 31, 2015	May 01, 2015
Document And Entity Information
Entity Registrant Name	SCIENTIFIC INDUSTRIES INC
Entity Central Index Key	0000087802
Document Type	10-Q
Document Period End Date	Mar. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		1,479,112
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2015

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5. Fair Value of Financial Instruments (Tables)

9 Months Ended

Mar. 31, 2015

Investments, All Other Investments [Abstract]

Fair Value Inputs

	Fair Value Measurements Using Inputs Considered as
Assets:
	Fair Value at
	March 31, 2015	Level 1	Level 2	Level 3
Cash and cash equivalents	$ 354,300	$ 354,300	$ -	$ -
Available for sale securities	286,000	286,000	-	-
Total	$ 640,300	$ 640,300	$ -	$ -
Liabilities:
Contingent consideration	$  401,100	$    -	$    -	$401,100

	Fair Value Measurements Using Inputs Considered as
Assets:
	Fair Value at
	June 30, 2014	Level 1	Level 2	Level 3
Cash and cash equivalents	$ 493,700	$ 493,700	$ -	$ -
Available for sale securities	415,400	415,500	-	-
Total	$ 909,100	$ 909,100	$ -	$ -
Liabilities:
Contingent consideration	$  500,000	$    -	$    -	$500,000

Investments in Marketable Securitites

			Unrealized
		Fair	Holding Gain
	Cost	Value	(Loss)
At March 31, 2015:
Available for sale:
Equity securities	$ 29,300	$ 35,700	$ 6,400
Mutual funds	257,200	250,300	( 6,900)
	$ 286,500	$ 286,000	($       500)

			Unrealized
		Fair	Holding Gain
	Cost	Value	(Loss)
At June 30, 2014:
Available for sale:
Equity securities	$ 29,300	$ 38,500	$ 9,200
Mutual funds	385,000	376,900	( 8,100)
	$ 414,300	$ 415,400	$ 1,100

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		9 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Income Statement [Abstract]
Revenues	$ 1,729,200	$ 1,786,300	$ 5,082,400	$ 4,970,200
Cost of sales	961,900	1,088,900	3,125,800	2,860,500
Gross profit	767,300	697,400	1,956,600	2,109,700
Operating expenses:
General & administrative	433,900	461,800	1,286,500	1,108,100
Selling	202,200	198,000	726,900	602,800
Research & development	94,500	113,800	317,700	301,900
Total operating expenses	730,600	773,600	2,331,100	2,012,800
Income (loss) from operations	36,700	(76,200)	(374,500)	96,900
Other income (expense):
Investment income	1,100	1,000	10,700	19,500
Other income	(4,600)	(3,700)	(5,700)	(7,700)
Interest expense	(1,600)	(900)	(4,300)	(2,400)
Total other income, (expense) net	(5,100)	(3,600)	700	9,400
Income (loss) before income taxes (benefit)	31,600	(79,800)	(373,800)	106,300
Income tax expense (benefit): Current	34,800	(1,400)	(56,200)	40,200
Income tax expense (benefit): Deferred	(22,200)	(18,700)	(37,300)	(11,400)
Total income (loss) tax expense (benefit)	12,600	(20,100)	(93,500)	28,800
Net income (loss)	$ 19,000	$ (59,700)	$ (280,300)	$ 77,500
Basic earnings (loss) per common share	$ 0.01	$ (0.04)	$ (0.19)	$ 0.06
Diluted earnings (loss) per common share	$ 0.01	$ (0.04)	$ (0.19)	$ 0.06
Cash dividends declared per common share	$ 0.00	$ 0.00	$ 0.00	$ 0.08

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6. Inventories

9 Months Ended

Mar. 31, 2015

Inventory Disclosure [Abstract]

Inventories

At interim reporting periods, inventories for financial statement purposes are based on perpetual inventory records. Components of inventory are as follows:

	March 31,	June 30,
	2015	2014
Raw Materials	$1,476,700	$1,617,100
Work in process	815,200	366,200
Finished Goods	329,400	325,900
	$2,621,300	$2,309,200

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5. Fair Value of Financial Instruments

9 Months Ended

Mar. 31, 2015

Investments, All Other Investments [Abstract]

Fair Value of Financial Instruments

The FASB defines the fair value of financial instruments as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements do not include transaction costs.

The accounting guidance also expands the disclosure requirements concerning fair value and establishes a fair value hierarchy of valuation inputs. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of the three levels, which is determined by the lowest level input that is significant to the fair value measurement in its entirety. These levels are described below:

Level 1 Inputs that are based upon unadjusted quoted prices for identical instruments traded in active markets.

Level 2 Quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly.

Level 3 Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

The following tables set forth by level within the fair value hierarchy the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis at March 31, 2015 and June 30, 2014 according to the valuation techniques the Company used to determine their fair values:

	Fair Value Measurements Using Inputs Considered as
Assets:
	Fair Value at
	March 31, 2015	Level 1	Level 2	Level 3
Cash and cash equivalents	$ 354,300	$ 354,300	$ -	$ -
Available for sale securities	286,000	286,000	-	-
Total	$ 640,300	$ 640,300	$ -	$ -
Liabilities:
Contingent consideration	$  401,100	$    -	$    -	$401,100

	Fair Value Measurements Using Inputs Considered as
Assets:
	Fair Value at
	June 30, 2014	Level 1	Level 2	Level 3
Cash and cash equivalents	$ 493,700	$ 493,700	$ -	$ -
Available for sale securities	415,400	415,500	-	-
Total	$ 909,100	$ 909,100	$ -	$ -
Liabilities:
Contingent consideration	$  500,000	$    -	$    -	$500,000

Investments in marketable securities classified as available-for-sale by security type at March 31, 2015 and June 30, 2014 consisted of the following:

			Unrealized
		Fair	Holding Gain
	Cost	Value	(Loss)
At March 31, 2015:
Available for sale:
Equity securities	$ 29,300	$ 35,700	$ 6,400
Mutual funds	257,200	250,300	( 6,900)
	$ 286,500	$ 286,000	($       500)

			Unrealized
		Fair	Holding Gain
	Cost	Value	(Loss)
At June 30, 2014:
Available for sale:
Equity securities	$ 29,300	$ 38,500	$ 9,200
Mutual funds	385,000	376,900	( 8,100)
	$ 414,300	$ 415,400	$ 1,100

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3. Acquisition (Details 1) (USD $)	3 Months Ended	9 Months Ended
	Mar. 31, 2014	Mar. 31, 2014
Text Block [Abstract]
Net Sales	$ 1,969,300	$ 5,703,200
Net Income loss	$ (82,300)	$ (13,800)
Net loss per share - basic	$ (0.06)	$ (0.01)
Net loss per share - diluted	$ (0.06)	$ (0.01)

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6. Inventories (Tables)

9 Months Ended

Mar. 31, 2015

Inventory Disclosure [Abstract]

Inventories

	March 31,		June 30,
	2015		2014
Raw Materials	$	1,476,700	$	1,617,100
Work in process		815,200		366,200
Finished Goods		329,400		325,900
	$	2,621,300	$	2,309,200

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1. Summary of significant accounting policies (Policies)

9 Months Ended

Mar. 31, 2015

Notes to Financial Statements

Principles of consolidation

The accompanying consolidated financial statements include the accounts of Scientific Industries, Inc. (“Scientific”, a Delaware corporation), Altamira Instruments, Inc.(“Altamira”, a wholly-owned subsidiary and Delaware corporation), Scientific Packaging Industries, Inc. (an inactive wholly-owned subsidiary and New York corporation) and Scientific Bioprocessing, Inc. (“SBI”, a wholly-owned subsidiary and Delaware corporation). All are collectively referred to as the “Company”. All material intercompany balances and transactions have been eliminated.

New Accounting Pronouncements

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers amending revenue recognition requirements for multiple-deliverable revenue arrangements. This update provides guidance on how revenue is recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for the goods or services. This determination is made in five steps: (i) identify the contract with the customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. In April 2015 the FASB proposed a one-year deferral of the effective date of the new revenue recognition standard. If finalized as proposed, the new guidance will be effective for the Company’s fourth quarter of fiscal 2018 and early adoption is permitted.

The Company is currently evaluating the impact this guidance may have on its financial condition and results of operations.

In June 2014, the FASB issued ASU 2014-12, Compensation – Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide that a Performance Target Could be Achieved After the Requisite Service Period. This update affects reporting entities that grant their employee’s targets that affects vesting could be achieved after the requisite service period. The new standard requires that a performance target that affects vesting and that could be achieved after the requisite services period be treated as a performance condition. The new standard will be effective for the Company beginning July 1, 2015, and early adoption is permitted. The Company expects the adoption will not have a material impact on its financial condition, results of operations or cash flows.

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7. Earnings (Loss) per common share

9 Months Ended

Mar. 31, 2015

Equity [Abstract]

Earnings (Loss) per common share

Basic earnings (loss) per common share are computed by dividing net income (loss) by the weighted-average number of shares outstanding. Diluted earnings (loss) per common share include the dilutive effect of stock options, if any.

Earnings (Loss) per common share was computed as follows:

	For the Three Month		For the Nine Month
	Periods Ended		Periods Ended
	March 31,		March 31,
	2015	2014	2015	2014
Net income (loss)	$ 19,000	($ 59,700)	($ 280,300)	$ 77,500
Weighted average common
shares outstanding	1,479,112	1,390,433	1,477,375	1,382,519
Effect of dilutive
securities	-	-	-	9,741
Weighted average dilutive
common shares outstanding	1,479,112	1,390,433	1,477,375	1,392,260
Basic earnings (loss) per
common share	$ .01	($ .04)	($ .19)	$ .06
Diluted earnings (loss) per
common share	$ .01	($ .04)	($ .19)	$ .06

Approximately 51,000 shares of the Company's Common Stock issuable upon the exercise of outstanding stock options were excluded from the calculation of diluted earnings per common share for the three and nine month periods ended March 31, 2015, because the effect would be anti-dilutive.

Approximately 61,000 and 40,000 shares of the Company's common stock issuable upon the exercise of outstanding options were excluded from the calculation of diluted earnings per common share for each of the three and nine month periods ended March 31, 2014, because the effect would be anti-dilutive.

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8. Goodwill and Other Intangible Assets

9 Months Ended

Mar. 31, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill represents the excess of the purchase price over the fair value of the net assets acquired in connection with the Company's acquisitions. Goodwill amounted to $705,300 and $589,900 as of March 31, 2015 and June 30, 2014, respectively, all of which is deductible for tax purposes.

The components of other intangible assets are as follows:

	Useful		Accumulated
	Lives	Cost	Amortization	Net
At March 31, 2015:
Technology, trademarks	5/10 yrs.	$1,226,800 $	590,400	$ 636,400
Trade names	6 yrs.	140,000	25,300	114,700
Websites	5 yrs.	210,000	45,500	164,500
Customer relationships	9/10 yrs.	357,000	231,600	125,400
Sublicense agreements	10 yrs.	294,000	99,200	194,800
Non-compete agreements	5 yrs.	384,000	168,600	215,400
IPR&D	3 yrs.	110,000	39,700	70,300
Other intangible assets	5 yrs.	161,900	146,200	15,700
		$2,883,700	$1,346,500	$1,537,200

	Useful		Accumulated
	Lives	Cost	Amortization	Net
At June 30, 2014:
Technology, trademarks	5/10 yrs.	$1,226,800	$ 489,100	$ 737,700
Trade names	6 yrs.	140,000	7,800	132,200
Websites	5 yrs.	210,000	14,000	196,000
Customer relationships	9/10 yrs.	357,000	215,800	141,200
Sublicense agreements	10 yrs.	294,000	77,200	216,800
Non-compete agreements	5 yrs.	384,000	126,300	257,700
IPR&D	3 yrs.	110,000	12,200	97,800
Other intangible assets	5 yrs.	157,400	140,900	16,500
		$2,879,200	$1,083,300	$1,795,900

Total amortization expense was $86,900 and $47,500 for the three months ended March 31, 2015 and 2014, respectively and $263,200 and $103,400 for the nine months ended March 31, 2015 and 2014, respectively. As of March 31, 2015, estimated future amortization expense related to intangible assets is $87,500 for the remainder of the fiscal year ending June 30, 2015, $352,400 for fiscal 2016, $337,100 for fiscal 2017, $323,300 for fiscal 2018, $244,800 for fiscal 2019, and $192,100 thereafter.

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3. Acquisition (Tables)

9 Months Ended

Mar. 31, 2015

Text Block [Abstract]

Purchase Price Allocation

Current assets	$144,000
Property and equipment	118,100
Goodwill*	115,400
Other intangible assets	1,210,000
Total Purchase Price	$ 1,587,500

Pro Forma Results

	For the Three Month	For the Nine Month
	Period Ended	Period Ended
	March 31, 2014	March 31, 2014
Net Revenues	$1,969,300	$5,703,200
Net Loss	($   82,300)	($  13,800)
Net income (loss) per share - basic	($  .06)	($  .01)
Net Income (loss) per share - diluted	($  .06)	($ .01)

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8. Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Mar. 31, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

	Useful				Accumulated
	Lives		Cost		Amortization		Net
At March 31, 2015:
Technology, trademarks		5/10 yrs.	$	1,226,800	$	590,400	$	636,400
Trade names		6 yrs.		140,000		25,300		114,700
Websites		5 yrs.		210,000		45,500		164,500
Customer relationships		9/10 yrs.		357,000		231,600		125,400
Sublicense agreements		10 yrs.		294,000		99,200		194,800
Non-compete agreements		5 yrs.		384,000		168,600		215,400
IPR&D		3 yrs.		110,000		39,700		70,300
Other intangible assets		5 yrs.		161,900		146,200		15,700
			$	2,883,700	$	1,346,500	$	1,537,200

	Useful				Accumulated
	Lives		Cost		Amortization		Net
At June 30, 2014:
Technology, trademarks		5/10 yrs.	$	1,226,800	$	489,100	$	737,700
Trade names		6 yrs.		140,000		7,800		132,200
Websites		5 yrs.		210,000		14,000		196,000
Customer relationships		9/10 yrs.		357,000		215,800		141,200
Sublicense agreements		10 yrs.		294,000		77,200		216,800
Non-compete agreements		5 yrs.		384,000		126,300		257,700
IPR&D		3 yrs.		110,000		12,200		97,800
Other intangible assets		5 yrs.		157,400		140,900		16,500
			$	2,879,200	$	1,083,300	$	1,795,900

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5. Fair Value of Financial Instruments (Details) (USD $)	Mar. 31, 2015	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2013
Cash and cash equivalents	$ 354,300	$ 493,700	$ 343,000	$ 927,300
Available for sale securities	286,000	415,400
Total	640,300	909,100
Liabilities:
Contingent consideration	401,100	500,000
Level 1
Cash and cash equivalents	354,300	493,700
Available for sale securities	286,000	415,500
Total	640,300	909,100
Liabilities:
Contingent consideration
Level 2
Cash and cash equivalents
Available for sale securities
Total
Liabilities:
Contingent consideration
Level 3
Cash and cash equivalents
Available for sale securities
Total
Liabilities:
Contingent consideration	$ 401,100	$ 500,000

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $)	3 Months Ended		9 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Condensed Consolidated Statements Of Comprehensive Income Loss
Net income (loss)	$ 19,000	$ (59,700)	$ (280,300)	$ 77,500
Other comprehensive income (loss):
Unrealized holding gain (loss) arising during period, net of tax	2,900	10,100	(1,600)	7,500
Comprehensive income (loss)	$ 21,900	$ (49,600)	$ (281,900)	$ 85,000

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4. Segment Information and Concentrations

9 Months Ended

Mar. 31, 2015

Segment Reporting [Abstract]

Segment Information and Concentrations

The Company views its operations as three segments: the manufacture and marketing of standard benchtop laboratory equipment for research in university, hospital and industrial laboratories sold primarily through laboratory equipment distributors (“Benchtop Laboratory Equipment”), the manufacture and marketing of custom-made catalyst research instruments for universities, government laboratories, and chemical and petrochemical companies sold on a direct basis (“Catalyst Research Instruments”) and the marketing and production of bioprocessing systems for laboratory research in the biotechnology industry sold directly to customers and through distributors (“Bioprocessing Systems”).

Segment information is reported as follows (foreign sales are principally to customers in Europe and Asia):

	Benchtop Laboratory Equipment	Catalyst Research Instruments	Bioprocessing Systems	Corporate and Other	Consolidated
Three months ended March 31, 2015:
Revenues	$1,558,000	$ 144,600	$ 26,600	$ -	$1,729,200
Foreign Sales	813,900	81,100	-	-	895,000
Income(Loss)from
Operations	120,600	( 50,400)	( 33,500)	-	36,700
Assets	4,165,700	1,506,700	783,400	555,800	7,011,600
Long-Lived Asset
Expenditures	900	-	3,700	-	4,600
Depreciation and
Amortization	74,700	7,900	24,500	-	107,100

	Benchtop Laboratory Equipment	Catalyst Research Instruments	Bioprocessing Systems	Corporate and Other	Consolidated
Three months ended March 31, 2014:
Revenues	$1,177,400	$ 603,900 $	5,000	$ -	$1,786,300
Foreign Sales	604,900	198,800	-	-	803,700
Income(Loss)from
Operations	61,400	( 10,600)	( 58,000)	( 69,000)	( 76,200)
Assets	4,017,100	1,847,900	873,300	674,800	7,413,100
Long-Lived Asset
Expenditures	1,454,700	11,300	1,000	-	1,467,000
Depreciation and
Amortization	32,700	8,500	24,300	-	65,500

Approximately 53% and 57% of net sales of benchtop laboratory equipment for the three month periods ended March 31, 2015 and 2014, respectively, were derived from the Company’s main product, the Vortex-Genie 2 mixer, excluding accessories.

Approximately 21% and 13% of total benchtop laboratory equipment sales were derived from the Torbal Scales Division for the three months ended March 31, 2015 and 2014, respectively.

Two benchtop laboratory equipment customers accounted for approximately 18% and 22% of the segment’s net sales for the three month periods ended March 31, 2015 and 2014 (17% and 15% of total net sales, respectively, for the periods).

Sales of catalyst research instruments are generally pursuant to large orders averaging more than $100,000 per order to a limited numbers of customers. Sales to two customers in the three months ended March 31, 2015 and two different customers in the three months ended March 31, 2014, accounted respectively for 64% and 94% of the segment’s net sales for each of the periods (5% and 32% of total net sales for the respective periods).

	Benchtop Laboratory Equipment	Catalyst Research Instruments	Bioprocessing Systems	Corporate and Other	Consolidated
Nine months ended March 31, 2015:
Revenues	$3,891,400	$1,115,300	$ 75,700	$ -	$5,082,400
Foreign Sales	1,947,400	840,300	-	-	2,787,700
Loss from
Operations	( 64,700)	( 191,200)	( 118,600)	-	( 374,500)
Assets	4,165,700	1,506,700	783,400	555,800	7,011,600
Long-Lived Asset
Expenditures	52,400	900	7,600	-	60,900
Depreciation and
Amortization	227,000	26,900	73,300	-	327,200

	Benchtop Laboratory Equipment	Catalyst Research Instruments	Bioprocessing Systems	Corporate and Other	Consolidated
Nine months ended March 31, 2014:
Revenues	$3,401,200	$1,406,900	$ 162,100	$ -	$4,970,200
Foreign Sales	2,049,100	367,100	2,000	-	2,418,200
Income(Loss)from
Operations	299,100	( 112,500)	( 10,200)	( 79,500)	96,900
Assets	4,017,100	1,847,900	873,300	674,800	7,413,100
Long-Lived Asset
Expenditures	1,474,700	11,300	7,500	-	1,493,500
Depreciation and
Amortization	55,300	26,100	72,600	-	154,000

Approximately 50% and 63% of net sales of benchtop laboratory equipment for the nine month periods ended March 31, 2015 and 2014, respectively, were derived from sales of the Company’s main product, the Vortex-Genie 2 mixer, excluding accessories.

Approximately 34% and 4% of total benchtop laboratory equipment sales for the nine months ended March 31, 2015 and 2014, respectively, were derived from sales since acquisition in February 2014 of the new Torbal Scales Division.

Two benchtop laboratory equipment customers, accounted for approximately 28% and 21% of the segment’s net sales (13% and 14% of total net sales) for the nine month periods ended March 31, 2015 and 2014, respectively.

Sales of catalyst research instruments to five customers in the nine months ended March 31, 2015 and to three other customers in the nine months ended March 31, 2014 accounted for approximately 69% and 59% of that segment’s net sales (14% and 17% of total net sales) for the respective nine month periods.

The Company’s foreign sales are principally made to customers in Europe and Asia. The Company also has an arrangement with a supplier for annual minimum purchase commitments through February 2020 which the Company has already met for the current year.

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5. Fair Value of Financial Instruments (Details 1) (USD $)	Mar. 31, 2015	Jun. 30, 2014
Cost	$ 286,500	$ 414,300
Fair Value	286,000	415,400
Unrealized Holding Gain (Loss)	(500)	1,100
Equity Securities
Cost	29,300	29,300
Fair Value	35,700	38,500
Unrealized Holding Gain (Loss)	6,400	9,200
Mutual Funds
Cost	257,200	385,000
Fair Value	250,300	376,900
Unrealized Holding Gain (Loss)	$ (6,900)	$ (8,100)

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7. Earnings (Loss) per common share (Tables)

9 Months Ended

Mar. 31, 2015

Equity [Abstract]

Earnings per common share

	For the Three Month		For the Nine Month
	Periods Ended		Periods Ended
	March 31,		March 31,
	2015	2014	2015	2014
Net income (loss)	$ 19,000	($ 59,700)	($ 280,300)	$ 77,500
Weighted average common
shares outstanding	1,479,112	1,390,433	1,477,375	1,382,519
Effect of dilutive
securities	-	-	-	9,741
Weighted average dilutive
common shares outstanding	1,479,112	1,390,433	1,477,375	1,392,260
Basic earnings (loss) per
common share	$ .01	($ .04)	($ .19)	$ .06
Diluted earnings (loss) per
common share	$ .01	($ .04)	($ .19)	$ .06